Inside American Express Business Finance
As an ex -AMEXBF employee I still keep in touch with some employees. This is
what I am hearing from several employees but I don't know if it is
indicative company wide.
The rolling stock division is growing in sales as they have added sales
staff but are still lacking in administrative support. Many customer
complaints with misapplication of payments, elevated pay offs, calls not
being returned, paper work screw ups etc which happens when you ramp up
sales and don't ramp up the rest. A lot of things seem to be falling through
the cracks. Hey, but SALES ARE UP, which is encouraging in this economy.
The equipment division has underwent several major compensation structure
cuts and has eliminated quite a few salespeople with another scheduled
employee (in sales) cut happening soon. They are switching the accounts
around that the salespeople handle so one month Salesman Bob may be handling
a large national account and three months later they assign the account to
any other salesperson, which certainly doesn't bode well for vender
retention or reassurance.
The equipment division doesn't seem to have the customer service related
problems that the rolling stock division is encountering, so we would assume
then that it may be a problem with that particular field office or the
corporate contacts for that field office.
All in all it appears that AMEXBF is going through some growing pains.
Hopefully in this economy the existing employees and the company can weather
I have a feeling that AMEX may spin off/sell the vehicle division. Their
knowledge appears limited in this part of the leasing industry. Many of us
were hoping that after the acquisition that some FAT would be cut and
processing streamlined, but the company is essentially operating off the old
First Sierra crew and way of doing things. GREAT and WONDERFUL computer
operating system but some employees in key positions don't really care about
the overall team concept and are essentially clock punchers. Instead of
reorganizing the First Sierra operating side they have essentially kept it
the same and placed more restrictions on decision-making and on operations.
Much authority has been taken away from prior decision makers which hurts
the credibility of employees. Restructure our compensation program!? (how
can anyone stay with a company that year after year changes its criteria
thus causing some salespeople to actually make less and less money?)
It became like trying to turn oranges into lemonade, it just became a lot of
effort spinning your wheels after awhile.
And then the broker thing: Yes we can, no we can't, yes we can for some
sales people but no we can't for you. Too many double standards when it came
to taking broker paper.
I grew tired of the head butting over common sense items, the cutting of
income, the ever changing internal climates and all the bureaucracy that it
took to get anything done is what pushed me to leave.
There is only so many times I can bang my head on the desk..
( Name With Held )
(Disclaimer: American Leasing hired an American Express Business Finance
business development person, but the person was involved in the private label
leasing program for Cisco. It is true the former sales manager and others
may have left, but this is from a person known to the editor for perhaps 15 years,
plus higher up in the administration. editor ).